28-10-14 MARKET TECHNICAL VIEW:

MARKET TREND - ROARING STOCKS:

Yesterday Nifty moved with in our range of radar.  Make a note here is; even though 80% of our Indices have closed in minus and Market closed in Red, FIIs are net buyers in Index Futures for worth of 680cr by adding 23721 long contracts and 6892 short contracts.   Index Futures OI increased by 30613 contracts.   In Equity segment also FIIs and DIIs are marginal buyers 49.14cr and 9.55 cr respectively.   Now the question comes, How this money spread? and How market closed in Red? even after the important FIIs and DIIs are in buying side.   This has happened because of Indices rotation.   Money might have routed to Indices rotation/change over and Roll over exercise.  Market breadth was weakened and other Technical Indicators also not positive, except MACD and Movement Indicator.   This indicate, market will attract Volatility and Selling Pressure at Higher Level.  Our yesterday resistance level of 8060 stands good for today also.

Today Nifty likely to open flat with positive bias in line with our SGX Nifty and other Asian Markets.  Nifty likely to get Resistance at 8030/8040 level and may get Support at 7940/7920 level.   Day traders better to be stick on to Index Futures segment (mostly Options) to limit the P&L exposure.

NIFTY SPOT LEVELS:

Pivot: 8014

Resistance: 8042/8093/8120

Support: 7963/7935/7885

NIFTY FnO BAN: HDIL, IBREAL & UNITECH

STOCKS FOR DAY:

ONGC: SELL <  398 TRG 390 SL 403

VIPIND: SELL < 116 TRG 114/112 SL 118

BHEL: BUY > 246 TRG 249/257 SL 237 (OPTIONS ARE BETTER)

NOTE: PRAJIND. MAY EXIT WITH YESTERDAY SL.